Hoteliers
Claim Your Tax Credits
$7.4B
Annually
$2,400
New Employees
$26k
Existing Employees
$170k
Average Per Property
The pandemic sent the hospitality industry into a tailspin in 2020, and for many, their cash position continues to mean the difference between survival and permanent closure. Thousands of Federal, State, and Local tax credits are designed specifically for your hotel. Understanding, locating, and claiming these tax credits is notoriously difficult to do. We have a solution to this problem. Our Tax Management System lets you know what you are entitled to and how to claim it quickly.
The Hospitality Industry
The past several years have impacted every industry to different degrees. Hospitality was particularly hit hard. A major byproduct of the pandemic has been disruption to production and supply chains, as goods and commodities in the upstream supply chain are being produced in lower quantities, and sometimes not at all.
The pandemic also highlighted the need for hotels to respond and adapt to unexpected scenarios. While it is nearly impossible to predict the specifics of the next global disruption, it is well within your reach to institute the proper practices and processes that will enable you to pivot and adjust to unpredictable and unexpected changes.
One of these practices is taking full advantage of all available tax credits and incentives. Thousands of Federal, State, and Local tax credits were explicitly designed with the Hospitality Industry as the beneficiary.
Navigating tax credits has been notoriously difficult. You are focused on running your company, keeping the day-to-day operations afloat. You can't be expected to have the knowledge of how to find, process, and claim your tax credits while keeping your hotel healthy. The Tax Management System eliminates that burden and allows you to use a simple system to locate all tax incentives and credits you qualify for and set up your claim for you. This system was designed with you in mind and works within your current company structure. It is now simple, quick, and easy to claim everything your business is entitled to.
Tax Credits Just For You
$7.4B Claimed Annually
The R&D Tax Credit is rewarded to businesses of all industries and sizes simply for taking a technical approach to problem-solving.
R&D credit eligibility is much broader than many companies realize, applying not only to product development but also activities and operations. Clarifying what qualifies you for the R&D Tax Credit is the first step in claiming the credit and reducing or eliminating your hotel's tax burden.
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Practical solution: Kill two birds with one stone by hiring workers from “target” groups. About $1 billion in WOTC are claimed each year. On average, 17% of hospitality employees qualify for WOTC.
The challenges of claiming WOTC have been eliminated with the Tax Management System. The system handles everything from your candidate survey to submission to your state workforce agency and everything in between.
$26,000 Existing Employees
The Employee Retention Tax Credit hype in the media is currently overwhelming! Because of this many businesses are dismissing it and missing out on its impact.
$170,000 Properties & Facilities
Most hotels own or lease their buildings yet fail to take advantage of cost segregation, a tax-reduction strategy that generates substantial savings in federal income taxes even though they are one of the industries that qualify the highest.
Buildings used in a trade or business are typically depreciable over 39 years. But parts of a building are classified as personal property for tax reporting purposes. A cost segregation study identifies these components, assigns a value to them, and enables the owner to depreciate those items over a shorter time frame, typically 15 years. When components can be depreciated over any period less than 20 years, they become eligible for 100% bonus depreciation, meaning the owner can immediately recoup their value in the form of tax deductions.
A cost segregation study gives you the time value of your money. The improved cash flow can help purchase new equipment to ramp up production, buy inventory, or whatever the owners see fit.
Unlock Your Business's Financial Potential
Take the first step by scheduling a complimentary guided assessment with Snapshot Business Services. Our experts are ready to provide valuable insights and tailored recommendations to drive your business forward.